Insurance broker Howden has introduced an end-to-end digital trading platform dedicated to cargo business called xTrade Cargo.
The new platform seeks to transform the oldest specialty class in the London market which needs line-specific digital solutions.
xTrade Cargo features a user-friendly digital architecture and settlement system, and allows insurer participants to collect, share and integrate standardised risk data into their own pricing and modelling systems.
The solution was first rolled out as a proof of concept in 2019 for Cargo SME business. Currently, it has 20 participant carriers.
According to the company, the use of xTrade Cargo is expected to facilitate a more accurately priced and efficient trade.
Howden Specialty Cargo and Stock Throughput head Jonathan Eaton said: “xTrade Cargo is a defining moment in the history of London’s oldest specialty class. In a market that has historically struggled to effectively adapt to the technology revolution, we have identified a line-specific digital trading platform where we can exchange data with carriers to help them bind complex open market business seamlessly.
“We’re delighted that a large group of leading capacity providers have been attracted by the significant pricing, speed and efficiency opportunities, the benefits of which can be passed on to their end clients.”
Howden xTrade platform managing director Paul Hillier said: “As a Group, we have made significant investment into our digital capabilities to create data-driven solutions for our clients.
“We are working with a growing number of insurers to achieve this and xTrade Cargo is the next step in our strategy to roll out digital trading across all specialty classes. By delivering structured risk data to insurers in a format they want, our ambition is to become the broker of choice in the emerging digital marketplace.”
Currently, Howden transacts Gross Written Premiums of $160m. It aims to increase the figure to $200m by the end of this year.
Last month, Allianz General Insurance Company tapped Howden Broking to introduce bicycle insurance in Malaysia.